April 24, 2021 (MLN): Pakistan’s trade deficit in services narrowed by 66.5% to $64 million during the month of March 2021 from $191 million over the previous month on an account of higher export services.
According to the figures published by the State Bank of Pakistan, the country’s trade deficit fell by 59% as opposed to the same period last year (SPLY).
The trade deficit in services stood at $418 million during 3QFY21.
This brings the total deficit for 9MFY21 to $1.36 billion, which demonstrates a drop of 52.4% as compared to the same period of last year.
Details made available here on Friday mentioned that the exports of services during the month amounted to $564 million, i.e., up by 16% MoM and 32% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $213 million, showing an improvement of 19% as opposed to the $179 million recorded the previous month. This is followed by Other Business Services that brought $111 million into the country.
Moreover, the export of Travel and Transport Services contributed an amount of $50 million and $49 million, respectively.
On the contrary, the imports of services during the month amounted to $628 million, showing a decline of 7.4% MoM while it increased by 7.5% as compared to SPLY. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $269 million i.e. up by 39.4% YoY and 8.5% MoM, followed by the Other business services which cost the country around $98 million i.e. lower by 49% YoY and 54% MoM in March 2021.
